In the past few years, enrollment in High Deductible Health Plans/Health Savings Accounts has gained popularity. However, the intricacies of the plan still create a lot of confusion amongst employees. It can impede them from enrolling, or if they do sign up for the HDHP, they bypass the HSA option altogether. This situation puts employers in the position of finding ways to engage and boost participation in their plans. The following strategies will help:
Your communications efforts should be simple and through multiple channels. Handouts, open enrollment sessions, and FAQs are essential. However, technology-focused communications such as short videos, digital materials, and in-product reminders allow your employees to have content at their fingertips 24/7. By utilizing this strategy, your employees are also able to consume content in their preferred method.
Empower Employees Through Education
Look at education as an ongoing investment in your employees. Think about ways throughout the year to educate your people about the different aspects of the plan that benefit them, such as saving through various Qualified Medical Expenses or the Triple Tax Advantage. Inform them that a couple retiring today will need approximately $300,000 in savings to cover medical spending. Focusing on HSA-plan features such as investment, often overlooked, can attract forward-thinking employees looking to save money for future retirement medical expenses.
Encourage Your Employees
Sometimes it takes a bit of encouragement to help your employees take that step and begin participating in the plan. Plan design can go a long way here. Incentives offered by the employer, such as seed money or employer matching contributions, can inspire your employees to participate and contribute money to their HSA.
Another option is to auto-enroll participants in the HSA (with the opportunity to opt-out) when they sign up for the HDHP.
By taking steps through encouragement, empowerment, and communications, employers will be on their way to boosting employee participation in their HDHP/HSA.